Diana and Charles Windsor Are Considering Purchasing a Swimming Pool

question 22

Multiple Choice

Diana and Charles Windsor are considering purchasing a swimming pool.The representatives of Fun-in-the-Sun Pool arrange a meeting at the Windsor's home to discuss the price and draw up plans.The Windsors sign a contract for the pool for a price of $12,000 with payments of $3000 each month for the next four months while the pool is under construction.The Windsors also agree to pay a carrying charge for the payments of $250.00.Two days after signing the contract,the backhoe operator arrives ready to dig the pool,but Charles tells him the contract is off.The Windsors:

• A)have breached their contract and will be liable to Fun-in-the-Sun for damages.
• B)are protected by their three-day rescission rights under Regulation Z.
• C)do not have the three-day rescission rights since there are no monthly installment payments over a period of one year.
• D)none of the above

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Definitions:

Retirement Account

A financial account designed for saving funds to be used during an individual's retirement years, often offering tax benefits.

Retirement Account

A financial account designed for saving towards retirement that often provides tax advantages, such as a 401(k) or IRA.

Future Value

The value of an investment at a specified date in the future, taking into account factors like interest rates or dividends.